UK, Philippines elevate trade ties through Inaugural Joint Economic Trade Committee
UK Minister for Trade Policy and Economic Security Douglas Alexander and Philippine Department of Trade and Industry Undersecretary Allan B. Gepty sign the Memorandum of Understanding on the Joint Economic and Trade Committee.
- UK and the Philippines recently held inaugural Joint Economic and Trade Committee (JETCO)
- JETCO aims to realise potential for UK businesses to sell more to the Philippines, one of the fastest growing economies in Asia
- News follows recent win for UK beef industry after Philippine ban on UK beef was lifted in addition to the lifting of a poultry ban with both worth a combined £80m over five years.
Ministers from the UK and the Philippines met in London on Monday, 17 March for trade talks under the first Joint Economic and Trade Committee (JETCO) meeting. The JETCO aims to upgrade the bilateral trade relationship currently worth £2.8 billion in 2024.
UK Minister for Trade Policy and Economic Security Douglas Alexander and Philippine Department of Trade and Industry Undersecretary Allan B. Gepty agreed to pursue closer cooperation and increased trade across sectors including infrastructure, renewable energy, agriculture, and economic development.
Minister Alexander stated:
Today’s talks signify an important new chapter in our trading relationship with the Philippines, one of Asia’s fastest growing economies.
During the meeting, the UK and the Philippines also committed to progressing work towards a government-to-government Financing Framework Partnership that will expand access to £5 billion financing from UK Export Finance (UKEF) to support the delivery of sustainable public infrastructure and improve paths to UK expertise and technology in the Philippines.
Undersecretary Gepty said:
The UK’s strong presence in Southeast Asia is expected to help stabilise trade and investment relations among economies operating in the region. And the Philippines is able and willing to be UK’s strategic link in the region.
JETCO also underscored investment opportunities in the Philippines for UK agricultural companies and promoted imports of UK meat following the recent removal of bans on beef and poultry exports from the UK. This move allows Filipino consumers access to UK meats in local market.
Meanwhile, opportunities in offshore renewable energy will feature heavily in discussions. In 2024, the UK was the largest single investor in the Philippines, driven mainly by investments in renewables. Such opportunities for UK companies were enhanced in 2022 with the removal of foreign equity restrictions for renewable energy companies.
JETCO also celebrates the growing digital and tech trade between the UK and the Philippines. Next week will see the UK-Southeast Asia Tech Week in Manila which will bring together UK and Philippine leading tech companies, policymakers, and startups for two days of discussions, networking, and innovation showcases.